MON SEPT 30 2024-theGBJournal| The World Bank has approved three new loan requests totalling $1.57bn in financing for Nigeria for strengthening human capital through better health for women, children and adolescent.
The loan is also intended for building resilience to the effects of climate change such as floods and droughts through improving dam safety and irrigation,” the World Bank confirmed in a statement released today.
According to the international lender, the new financing includes $500 million for addressing governance issues that constrain the delivery of education and health, $570 million for the Primary Healthcare Provision Strengthening Programme and $500 million for the Sustainable Power and Irrigation for Nigeria Project.
“The HOPE-GOV and HOPE-PHC programmes combined will support the Government of Nigeria to improve service delivery in the basic education and primary healthcare sectors which are critical towards improving Nigeria’s human capital outcomes.
This is the second set of loans okayed by the bank for Nigeria since June 2024, bring the total to $3.82 billion in a space of three months
Recall that in June 2024 the Bank approved two operations: $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing Program (DPF) and $750 million for the Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR).
This combined $2.25 billion package provides immediate financial and technical support to Nigeria’s urgent efforts to stabilize the economy and scale up support to the poor and most economically at risk.
It further supports Nigeria’s ambitious, multi-year effort to raise non-oil revenues and safeguard oil revenues to promote fiscal sustainability and provide sufficient resources to deliver quality public services.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
